This page reflects HBM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 2, 2026 close
Max Pain — HBM
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $25.00 (2.20 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$25.00
Nearest expiry
Expected Move
±$2.90
±10.7%
Days to Expiry
14
Calendar days
Total Call OI
5,343
Nearest expiry
Total Put OI
1,512
Nearest expiry
P/C OI Ratio
0.28
Put-heavy
Spot Price
$27.20
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-16
Expiration
Max Pain Strike
Last Updated
2026-08-21
$22.50
8/21/2026, 11:14:17 PM
2026-09-18
$25.00
9/18/2026, 11:14:07 PM
2026-10-16NextUpdated
$25.00
10/2/2026, 11:15:11 PM
2026-11-20
$25.00
10/2/2026, 11:15:11 PM
2027-01-15
$22.50
10/2/2026, 11:15:11 PM
2027-04-16
$22.50
10/2/2026, 11:15:11 PM
Selected expiration: 2026-10-16 at max pain $25.00.
HBM pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
7.5
0
2387500
2387500
10
2250
2020750
2023000
12.5
4500
1655000
1659500
15
11500
1291750
1303250
17.5
18750
936000
954750
20
26000
590750
616750
22.5
45500
306750
352250
25
121000
65000
186000
30
747000
9000
756000
35
2379500
0
2379500
40
4905000
0
4905000
45
7525500
0
7525500
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.